Statistics revealed today by the Office for National Statistics show a sad story of inadequate retirement provision for the majority of pensioner households.

The data, incorporated from the Family Resources Survey and published within the document, Pension Trends – Household pension resources, released on 14th April 2008 by ONS disclose that in 2005/06, 62 per cent of pensioner couples had total annual pension income of less than £10,000, and half of single pensioners had total annual pension income of less than £6,000.

Mike Jones of pension education website, MyCompanyPension.co.uk says, “This is a sad indictment of our ‘live for today, don’t worry about tomorrow’ society, led by successive Governments that have failed miserably in their tutorship of pension education and retirement guidance to the wider public.”

The data also reveals that in 2005/06, 40 per cent of pensioner couples, 55 per cent of single men pensioners and 61 per cent of single women pensioners had annual private pension income of less than £1,000.

Jones adds, “In the short term the low income level for pensioners is likely to be repeated, as contributions to pension arrangements are being reduced because of the credit crunch. There is also a general malaise over pension provision caused by headlines about pension deficits and poor stock market returns. Over the long term, the conclusion of the Thoresen Review was that ‘money guidance’ would benefit the nation and the economy, but it does little to help those reaching retirement now.”